The Capital Market Authority announces imposition of a penalty of SR 50.000 ( Fifty Thousand Saudi Riyals)  on the Gulf Union Cooperative Insurance Company (GUCIC) due to its violation of clause (A) of Article (45) of the Capital Market Law and clause (D) of Article (26) of the Listing Rules. The company did not publish,during the  specified period by the Listing rules, its initial financial statements for the period closing on 30/06/2010. It was later announced on 20/10/2010.